Egypt faces a multibillion-dollar scam
Egyptian lawyer Alaa Abed revealed that he has filed a report with the Public Prosecutor accusing an individual dubbed the "New Swindler" of collecting hundreds of millions of citizens' money through fake agricultural and livestock investments. The promotional campaign across social media, television programs, and exhibitions aimed to boost trust and attract funds, convincing hundreds of citizens to invest their savings in exchange for high returns—conducted through unlicensed operations. It is claimed that the activity was managed by Mohamed Sobhi Batata and his team, who shut down the company's headquarters and dismissed employees before disappearing. Previously, there were allegations against him related to collecting approximately 100 million Egyptian pounds. The demands focus on examining the documents and recorded transfers, amid warnings from Egyptian authorities against dealing with unlicensed entities that gather individuals' money in exchange for high returns—commonly known as the "Swindler."
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